Slide 1: 1Q Earnings Release Supplement
1Q Earnings Release Supplement 2022 Refer to earnings release dated May 5, 2022 for further information
Slide 2: 1Q Safe Harbor Provision
1Q Safe Harbor Provision 2022 This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about FLEETCOR’s beliefs, assumptions, expectations and future performance, are forward-looking statem
Slide 3: Our Take on the Quarter
1Q Our Take on the Quarter 2022 Outstanding 1Q Impressive Results demonstrate strength of business: • Revenues up 30% results, demonstrating the acceleration in our • Adjusted EPS of $3.65, up 29% versus prior year core business Drivers of future growth continue at very strong levels: • Organic grow
Slide 4: Our Take on the Quarter: Free Cash Flow and Buybacks
1Q Our Take on the Quarter 2022 Substantial free Robust cash flow and balance sheet usage • Generated $290 million of free cash flow1 cash flow enables share buybacks • Repurchased ~ 1.8 million shares • Leverage steady at 2.72x2 1. The Company refers to free cash flow, cash net income and adjustmen
Slide 5: 1Q Highlights
1Q Highlights 2022 Revenue (in millions) $789 29% $609 30% Adjusted net Revenue income per growth share1 15% Organic revenue growth1 1Q21 1Q22 92.6% Revenue weighted volume retention2 Adjusted Net Income Per Share1 $2.3 billion Available liquidity $3.65 6 bps Credit losses on billed revenue $2.82 1Q
Slide 6: 1Q Revenue Bridge vs Prior Year
1Q Revenue Bridge vs Prior Year 2022 $58 $789 $21 $101 $609 2019 Revenue (in millions) 2 1Q21 Core Change Macro Acquisitions 1Q22 $0.23 $0.20 $3.65 $0.61 $(0.21) $2.82 Adjusted Net Income Per Share1 3 1Q21 Core Change Macro Lower Share Higher Tax Rate 1Q22 Count 1. Non-GAAP financial measures; See a
Slide 7: 1Q Results at a Glance
1Q Results at a Glance 2022 ($ in millions, except for per share data) Up meaningfully from 1Q21 1Q21 1Q22 Y/Y Revenue $609 $789 30% 2019 GAAP Net Income $184 $218 18% GAAP Net Income per Diluted Share $2.15 $2.75 28% Adjusted Net Income1 $242 $290 20% Adjusted Net Income per Diluted Share1 $2.82 $3
Slide 8: 1Q Organic Revenue Performance
1Q Organic Revenue Performance1,2 2022 ($ in millions) FUEL CORPORATE PAYMENTS $299 $262 $186 $156 14% 19% +19% +32% 1Q21 1Q22 1Q21 1Q22 TOLLS LODGING $95 $81 $69 $78 18% +9% 22% +39% 1Q21 1Q22 1Q21 1Q22 1. Non-GAAP financial measures; See appendix for reconciliation of non-GAAP measures to GAAP 2.
Slide 9: 1Q Organic Revenue Performance Trends
1Q Organic Revenue Performance Trends1 2022 1. See GAAP to non-GAAP reconciliation in appendix 1Q21 2Q21 3Q21 4Q21 1Q22 Fuel (6)% 19% 13% 12% 14% Corporate Payments (5)% 32% 22% 18% 19% Tolls 3% 9% 14% 17% 18% Lodging (14)% 39% 40% 39% 22% Gift 2% 22% 25% 19% 1% Other (12)% 25% 2% 6% 9% Total Organi
Slide 10: 1Q Continued High Retention
1Q Continued High Retention* 2022 Retention remains above 2020 levels 93.3% 92.6% 92.0% 2020 2021 1Q22 *Based on volume relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes European Private Label businesses, where FLEETCOR is a processor instead of issuer. Also
Slide 11: 1Q Sales Performance Trends
1Q Sales Performance Trends* 2022 Sales vs. Prior Year New sales growth outpaces revenue growth 148% 139% 83% 2020 2021 1Q22 *Calculated based on estimated annualized revenue from new sales in the quarter sold FLEETCOR | 11
Slide 12: Balance Sheet Structured for Flexibility and Capacity
1Q Balance Sheet Structured for Flexibility and Capacity 2022 Leverage Ratio Available liquidity at March 31, 2022 is ~$2.3 billion (X) 2.70 2.72 • ~$969 million of borrowing capacity • Total unrestricted cash of $1.3 billion Total debt of ~$4.9 billion, steady from YE21 Leverage ratio of 2.72x, up
Slide 13: 1Q Guidance Updated
1Q Guidance Updated 2022 ($ in millions, except for per share data; growth rates at the midpoint) Previous1,2 Updated1,2 $3,190 - $3,250 $3,335 - $3,385 GAAP Revenues 14% growth 19% growth $1,200 - $1,240 $1,225 - $1,255 Adjusted Net Income1 10% growth 12% growth $15.00 - $15.50 $15.45 - $15.75 Adju
Slide 14: Appendix: Non-GAAP to GAAP Reconciliations
1Q 2022 Appendix Non-GAAP to GAAP Reconciliations About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. Adjusted net income is calculated as net income, adjusted to eliminate (a) non-cash stock based compensation expense r
Slide 15: Reconciliation of Net Income to Adjusted Net Income
1Q 2022 Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) Three Months Ended March 31, 2022 2021 Net income $218 $184 Stock based compensation 33 18 Amortization1 58 50 Integration and deal related costs 6 4 Legal settlements/litigation — 4 Restructuring a
Slide 16: Calculation of Organic Growth
1Q 2022 Calculation of Organic Growth* ($ in millions) 1Q22 ORGANIC GROWTH 2022 2021 Pro Macro Adj3 forma2 % Fuel Cards $299 $262 14% Corporate Payments 186 156 19% Tolls 81 69 18% Lodging 95 78 22% Gift 44 43 1% 1 Other 64 59 9% Consolidated Revenues, net $769 $667 15% 1Q21 ORGANIC GROWTH 2Q21 ORGA
Slide 17: Reconciliation of Non-GAAP to GAAP Revenue by Product
1Q 2022 Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 ($ in millions) Macro 2022 Organic Revenue Growth* Adjusted1 Pro Forma2 1Q22 1Q21 FUEL Pro forma and macro adjusted $ 299 $ 262 Impact of acquisitions/dispositions/customer loss3 — $ — Impact of fuel prices/spread 26 $ — Impact of
Slide 18: Reconciliation of Non-GAAP to GAAP Revenue by Product (continued)
1Q 2022 Reconciliation of Non-GAAP to GAAP Revenue by Product - 2022 (continued, in millions) Macro 2022 Organic Revenue Growth* Adjusted1 Pro Forma2 1Q22 1Q21 GIFT Pro forma and macro adjusted $ 44 $ 43 Impact of acquisitions/dispositions — — Impact of fuel prices/spread — — Impact of foreign excha
Slide 19: Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021
1Q 2022 Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 ($ in millions) 2021 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 FUEL Pro forma and macro adjusted $ 292 $ 289 $ 298 $ 275 $ 261 $ 256 $ 250 $ 293 Impact of acquisitions/dispositions/c
Slide 20: Reconciliation of Non-GAAP to GAAP Revenue by Product (continued)
1Q 2022 Reconciliation of Non-GAAP to GAAP Revenue by Product - 2021 (continued, in millions) 2021 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q21 3Q21 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 GIFT Pro forma and macro adjusted $ 55 $ 49 $ 32 $ 43 $ 46 $ 39 $ 27 $ 42 Impact of acquisitions/dispositions
Slide 21: Reconciliation of Non-GAAP Guidance Measures
1Q 2022 Reconciliation of Non-GAAP Guidance Measures (in millions, except per share amounts) 2022 UPDATED GUIDANCE Low* High* Net income $ 950 $ 980 Net income per diluted share $ 12.00 $ 12.30 Stock based compensation 127 127 Amortization of intangible assets, premium on receivables, deferred finan
Slide 22: Reconciliation of Non-GAAP Guidance Measures
1Q 2022 Reconciliation of Non-GAAP Guidance Measures (in millions, except per share amounts) 2022 PREVIOUS GUIDANCE Low* High* Net income $ 935 $ 975 Net income per diluted share $ 11.65 $ 12.15 Stock based compensation 109 109 Amortization of intangible assets, premium on receivables, deferred fina